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Toshiba Plumbs Six-Year Low After $4.5 Billion Loss Forecast

  • Company to restructure division making PCs, Televisions
  • Moody's cuts Japanese company's credit rating to junk status
Updated on

Toshiba Corp. fell to the lowest in more than six years in Tokyo after forecasting a record 550 billion yen ($4.5 billion) loss and announcing plans to cut more jobs as it restructures businesses.

The shares finished down 12 percent at 223.5 yen on Tuesday, their lowest since March 2009. Including a decline of 9.8 percent on Monday, the Japanese company had lost about $2 billion of market value over the past two days. After the market closed, Moody’s cut its credit rating two levels to junk.